In 2012, Hampton voters approved an ordinance to establish a Board of Finance. The original board consisted of members and alternates who were appointed to serve until the next municipal election. A six-member board was then elected in 2013. Two seats, each for a 6-year term, will be contested at each future biennial municipal election. Three alternates, each serving a 5-year term, were appointed by the Board of Selectman.
Connecticut General State Statutes Sections 7-340 through 7-349 inclusive authorize the powers granted to Board of Finance in the State of Connecticut. The statutes give the board specific responsibility for:
- Preparing the town budget
- Setting the property tax rate
- Approving deficiency and special appropriations
- Determining how town financial records are to be kept
- Arranging for an annual audit of town accounts
- Publishing the annual town report
The purpose of the Board of Finance is to provide financial oversight of the Town’s budgets and to work with those departments and organizations which receive Town funding to determine their internal controls and to minimize risk for fraud. According to the Handbook for Connecticut Boards of Finance, published by the Institute of Public Service at the University of Connecticut, the Board of Finance has “complete charge of the town government’s financial activities. ”
The Board of Finance meets a minimum of once per month, usually on the second Tuesday. The schedule of meetings for the current year is available in the Town Clerk’s office.